Changes to late retirement factors announced by the Scottish Government

The Scottish Government have recently announced that they are changing the factors that the LGPS (Scotland) uses for revaluing benefits which are put into payment after a members’ Normal Pension Age (NPA).  The new factors come into force on 1 September 2023 and as a result, the increases applied will be less for pensions taken after that date. 

Your NPA will be:

• Age 65 for service before 1 April 2015
• Age 65, or State Pension Age if later for service from 1 April 2015

You can use the Government's State Pension Age calculator to find out your State Pension Age at: www.gov.uk/calculate-state-pension.

If you are over NPA and have received an estimate of benefits for a retirement date after 31 August 2023 then these changes will affect the estimated figures previously provided.

This information may be of interest to those members who will be over or near to their normal retirement date and are considering taking their benefits.